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U.K.: Insurance claims from flooding expected to run into hundreds of millions

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Farmers in the United Kingdom are counting the cost of damage from the recent floods to their crops, machinery, buildings and infrastructure, Farming UK reported.

Insurance claims are expected to amount to hundreds of millions of pounds.

David McGeachy, value added tax specialist at Saffery Champness, said "that even though insurance claim settlements are not subject to VAT, the farm or estate is likely to incur VAT on repair works to put right damage or to replace damaged stock."

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